Cuts at Uniglobe.

2nd Jan 2002

In keeping with many companies` cost Uniglobe.com has laid off an additional 7% of its staff and will implement a 15% pay cut to all employees starting January 1, 2002.

In keeping with many companies` cost Uniglobe.com has laid off an additional 7% of its staff and will implement a 15% pay cut to all employees starting January 1, 2002. In addition to these actions, the Company has or is in the process of re-negotiating furniture and equipment leases as well as other supplier contracts in order to reduce its monthly expenses.

“The restructuring or merging of several of our departments, the layoffs and salary cuts, and the opportunity to re-negotiate several contractual obligations will help us reduce our costs by between US$900,000 and US$1.1 million per year. These moves are consistent with our plans to preserve as much of the cash we have in the bank as possible in an effort to provide enough time to get to profitability,” said Christopher Charlwood, President and Chief Operating Officer of Uniglobe.com.